Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases LEASES
Greenlane as a Lessee
As of September 30, 2021, we had facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2021 and 2026. Lease terms are generally three to seven years for warehouses, office space and retail store locations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our future minimum lease payments under finance and operating lease liabilities recorded in our condensed consolidated balance sheet as of September 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Finance Leases Operating Leases Total
Remainder of 2021 $ 64  $ 790  $ 854 
2022 179  3,320  3,499 
2023 114  2,805  2,919 
2024 19  1,983  2,002 
2025 —  1,419  1,419 
Thereafter —  299  299 
Total minimum lease payments 376  10,616  10,992 
Less: imputed interest 5  592  597 
Present value of minimum lease payments 371  10,024  10,395 
Less: current portion 180  2,977  3,157 
Long-term portion $ 191  $ 7,047  $ 7,238 
Rent expense under operating leases was approximately $0.5 million and $1.2 million for the three and nine months ended September 30, 2021, and approximately $0.3 million and $1.2 million for the three and nine months ended September 30, 2020.
The majority of our finance lease obligations relate to leased warehouse equipment. Payments under our finance lease agreements are fixed for terms ranging from three to five years. We recorded approximately $0.4 million of finance lease assets, net within "property and equipment, net" as of September 30, 2021 and December 31, 2020, and the related liabilities within "current portion of finance leases" and "finance leases, less current portion" in our condensed consolidated balance sheets.
Greenlane as a Lessor
As of September 30, 2021, we had five operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida. Rental income of approximately $0.2 million and $0.5 million for three and nine months ended September 30, 2021, and $0.1 million and $0.5 million for the three and nine months ended September 30, 2020, was included within “other income, net” in our condensed consolidated statements of operations and comprehensive loss.
The following table represents the maturity analysis of undiscounted cash flows related to lease payments, which we expect to receive from our existing operating lease agreements with tenants:
(in thousands) Rental Income
Remainder of 2021 $ 189 
2022 220 
2023 99 
2024 77 
2025 and thereafter 53 
Total $ 638 
Leases LEASES
Greenlane as a Lessee
As of September 30, 2021, we had facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2021 and 2026. Lease terms are generally three to seven years for warehouses, office space and retail store locations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our future minimum lease payments under finance and operating lease liabilities recorded in our condensed consolidated balance sheet as of September 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Finance Leases Operating Leases Total
Remainder of 2021 $ 64  $ 790  $ 854 
2022 179  3,320  3,499 
2023 114  2,805  2,919 
2024 19  1,983  2,002 
2025 —  1,419  1,419 
Thereafter —  299  299 
Total minimum lease payments 376  10,616  10,992 
Less: imputed interest 5  592  597 
Present value of minimum lease payments 371  10,024  10,395 
Less: current portion 180  2,977  3,157 
Long-term portion $ 191  $ 7,047  $ 7,238 
Rent expense under operating leases was approximately $0.5 million and $1.2 million for the three and nine months ended September 30, 2021, and approximately $0.3 million and $1.2 million for the three and nine months ended September 30, 2020.
The majority of our finance lease obligations relate to leased warehouse equipment. Payments under our finance lease agreements are fixed for terms ranging from three to five years. We recorded approximately $0.4 million of finance lease assets, net within "property and equipment, net" as of September 30, 2021 and December 31, 2020, and the related liabilities within "current portion of finance leases" and "finance leases, less current portion" in our condensed consolidated balance sheets.
Greenlane as a Lessor
As of September 30, 2021, we had five operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida. Rental income of approximately $0.2 million and $0.5 million for three and nine months ended September 30, 2021, and $0.1 million and $0.5 million for the three and nine months ended September 30, 2020, was included within “other income, net” in our condensed consolidated statements of operations and comprehensive loss.
The following table represents the maturity analysis of undiscounted cash flows related to lease payments, which we expect to receive from our existing operating lease agreements with tenants:
(in thousands) Rental Income
Remainder of 2021 $ 189 
2022 220 
2023 99 
2024 77 
2025 and thereafter 53 
Total $ 638 
Leases LEASES
Greenlane as a Lessee
As of September 30, 2021, we had facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2021 and 2026. Lease terms are generally three to seven years for warehouses, office space and retail store locations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our future minimum lease payments under finance and operating lease liabilities recorded in our condensed consolidated balance sheet as of September 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Finance Leases Operating Leases Total
Remainder of 2021 $ 64  $ 790  $ 854 
2022 179  3,320  3,499 
2023 114  2,805  2,919 
2024 19  1,983  2,002 
2025 —  1,419  1,419 
Thereafter —  299  299 
Total minimum lease payments 376  10,616  10,992 
Less: imputed interest 5  592  597 
Present value of minimum lease payments 371  10,024  10,395 
Less: current portion 180  2,977  3,157 
Long-term portion $ 191  $ 7,047  $ 7,238 
Rent expense under operating leases was approximately $0.5 million and $1.2 million for the three and nine months ended September 30, 2021, and approximately $0.3 million and $1.2 million for the three and nine months ended September 30, 2020.
The majority of our finance lease obligations relate to leased warehouse equipment. Payments under our finance lease agreements are fixed for terms ranging from three to five years. We recorded approximately $0.4 million of finance lease assets, net within "property and equipment, net" as of September 30, 2021 and December 31, 2020, and the related liabilities within "current portion of finance leases" and "finance leases, less current portion" in our condensed consolidated balance sheets.
Greenlane as a Lessor
As of September 30, 2021, we had five operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida. Rental income of approximately $0.2 million and $0.5 million for three and nine months ended September 30, 2021, and $0.1 million and $0.5 million for the three and nine months ended September 30, 2020, was included within “other income, net” in our condensed consolidated statements of operations and comprehensive loss.
The following table represents the maturity analysis of undiscounted cash flows related to lease payments, which we expect to receive from our existing operating lease agreements with tenants:
(in thousands) Rental Income
Remainder of 2021 $ 189 
2022 220 
2023 99 
2024 77 
2025 and thereafter 53 
Total $ 638